Lantern Project EIN 47-1403943

Lantern Project FY2020 filing

EIN  47-1403943 Public charity (501(c)(3)) Abilene, TX
Form 990 (PDF)
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Size
$100K–1M
What they do
Helps people overcome employment barriers with training, life skills, and global humanitarian projects.
Leadership
Kevin Porter · President
Money in and out
$39K revenue, $81K expenses
Bottom line
92% program efficiency

Helps people overcome employment barriers with training, life skills, and global humanitarian projects. For fiscal year 2020 it reported $39K in revenue, $81K in expenses, and $507K in net assets.Pt I

Where the money goes · FY2020
Total revenue
$39K
Pt VIII · Ln 12
Total expenses
$81K
Pt IX · Ln 25
Net assets
$507K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$43K
Where spending went · Part IX cols B–D
Program services $0.92 Management & general $0.08
Program efficiency
92%
of spending reaches programs
Operating runway
75.0mo
months of highly liquid reserves at operating expense rate
Surplus margin
-110%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2020 · Form 990
Revenue
$39K
FY2020
Expenses
$81K
FY2020
Total assets
$507K
FY2020
Total liabilities
$0
FY2020
Total revenue
$39K
Pt VIII · Ln 12
Total expenses
$81K
Pt IX · Ln 25
Net assets
$507K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$43K
Total assetsPt X · Ln 16$507K
Program-expense ratioPt IX · col B92%
Voting members of governing bodyPt I · Ln 34
Independent voting membersPt I · Ln 44
Mission & Programs · Part III

Where the work happens

1 program service account for $73K of program spending, described in the organization's own filed words · FY2020.
01

Abilene

The Abilene program was helping to raise funds for college education and we also partnered with 4 other local non-profits with similar visions to provide much needed financial support due to the impacts that COVID has had on their funding.

$73Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CLantern Project
EINHdr · item D47-1403943
Principal addressHdr · item CAbilene, TX
WebsiteHdr · item Jwww.thelanternproject.org
Year of formationHdr · item Lpending
State of legal domicileHdr · item MTX
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFPublic & Societal Benefit (W99)
Ruling yearIRS BMFSep 2014

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a4
Independent voting membersPt VI · Ln 1b4
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
President
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
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Statement of Revenue

Part VIII
Contributions & grants100%$39K
Total revenueLn 12$39K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.92 Management & general $0.08
Program services92%$75K
Management & general8%$6K
Total functional expensesLn 25$81K

Balance Sheet

Part X · end of year
CashLn 1$507K
Total assetsLn 16$507K
Total liabilitiesLn 26$0
Total net assetsLn 32$507K
Months of cash on handcomputed75.0

Financial Metrics

Form 990 · FY2020 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $507K · Operating expenses/yr $81K
75.0 months
Where the money goes
Program services
Program services $75K · Total expenses $81K
92%
Management & General
Management & general $6K · Total expenses $81K
8%
Fundraising
Fundraising $0 · Total expenses $81K
0%
Cost to raise $1
Fundraising expense $0 · Solicited contributions $39K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $39K · Total revenue $39K
100%
Government reliance
Government grants $0 · Total revenue $39K
0%
Earned-income share
Program service revenue $0 · Total revenue $39K
0%
Investment reliance
Investment income $0 · Total revenue $39K
0%
Program self-sufficiency
Program service revenue $0 · Total expenses $81K
0%
Growth & trend
Revenue growth (YoY)
This year $39K · Prior year —
No prior year on file
Net-asset trend (YoY)
End of year $507K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $39K · Expenses $81K
-110%
Liabilities-to-Assets
Total liabilities — · Total assets $507K
Net-asset ratio
Net assets $507K · Total assets $507K
100%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $507K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Kevin Porter · Reported title PRESIDENT · Highest reported compensation $0 · Total expenses $81K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $81K
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 92%
Overhead ratio 8%
Fundraising cost ratio 0%
Accounting fee ratio 4%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 1 funder$6K
Grants paid · 10 grants · $246K · 2020–2022
Noah ProjectMI · FY2022$32,250
Unitemized GrantFY2022$26,300
Noah ProjectFY2020$32,570
Unitemized GrantFY2020$7,750

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2025 (Latest)$148K revenue · ⤓ 990 PDF
FY2024$134K revenue · ⤓ 990 PDF
FY2023$30K revenue · ⤓ 990 PDF
FY2022$98K revenue · ⤓ 990 PDF
FY2021$40K revenue · ⤓ 990 PDF
FY2020$39K revenue · viewing · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2020IRS
Classification, formation year, addressIRS Business Master File
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